AB Volvo is a separate entity from the Volvo Car Corporation, which has
certified that it does not do business in Iran.

In a letter sent to AB Volvo President and CEO Olof Persson, UANI CEO,
Ambassador Mark D. Wallace, wrote:

Volvo subsidiaries Volvo Trucks and Renault Trucks are partnered with
the Iranian entity Saipa Diesel, a subsidiary of the Industrial
Development and Renovation Organization of Iran (“IDRO”). As you may
know, IDRO has been sanctioned by the U.S. and EU for its proliferation
activities and ties to the Islamic Revolutionary Guard Corps (“IRGC”).
Nevertheless, as part of its partnership with Volvo, Saipa Diesel
manufactured some 2,366 Volvo FH-series and 632 Renault Midlum trucks in
2010 alone. In addition, Renault Truck’s website details ongoing plans
for Saipa Diesel to produce 1,800 Renault trucks annually.

UANI is also concerned that Volvo’s business with IDRO-affiliated
entities has resulted in the transfer of dual-use technologies to the
Iranian regime. For example, the Volvo Trucks website, states that Volvo
has “contributed significantly with investments in tools and equipment”
to its Iranian partners.

Moreover, evidence of the regime’s misuse of Volvo equipment and
technology by Iranian military and security forces has been widely
documented. The enclosed photograph of a Volvo FH12-420 transporting
Iranian MIM-23 surface-to-air missiles during the 2011 Sacred Defense
Parade is clear evidence of this phenomenon.

In addition, UANI is concerned by the fact that Volvo subsidiary Volvo
Construction Equipment (“VCE”) has partnered with Parsian Pishro Sanat
to provide heavy construction and mining machinery to Iran. UANI’s
concern is understandably heightened in light of Iran’s ongoing attempts
to evade monitoring of its nuclear activities by constructing heavily
fortified and clandestine nuclear facilities such as the Fordow facility
outside the city of Qom.

Furthermore, UANI is troubled by the business activities of Volvo
subsidiary Volvo Penta in Iran. Volvo Penta produces a number of
sensitive products for the marine propulsion industry, including gas
turbines for naval vessels, and lists multiple offices and dealers in
Iran. Volvo Penta’s Iran business is particularly troubling considering
the fact that IRGC naval forces have been reported to utilize vessels
outfitted with Volvo Penta’s marine diesel engines.

UANI launched its "Auto
Campaign" in March 2012. This year, Hyundai, Porsche, and Fiat
have ended business in Iran in response to UANI campaigns and Peugeot
stated it has stopped shipments of auto parts. In May, Ambassador
Wallace testified
about Iran's automotive industry before the U.S. House Foreign
Affairs Committee.

UANI has developed model legislation, the
DRIVE Act, to require auto manufacturers to choose between American
taxpayers and the regime. The DRIVE Act requires automakers to certify
they are not engaged in any business in Iran, or engaged in the
implementation of any agreement with Iranian entities in order to be
eligible for U.S. government contracts or financial assistance.